New Jersey lawmakers are working on legislation that would create a new authority to oversee the redevelopment of Fort Monmouth as the U.S. Army plans to leave the nearly 1,200-acre base in 2011.
The bill, S. 10, would allow a new entity, the Monmouth Economic Revitalization Authority, to execute the area’s revitalization plan and craft a business strategy to address economic impacts, job creation, and a financing plan. The Senate Committee on Economic Growth unanimously approved the measure last week.
While the authority would not have bonding power, it would be able to enter into contract agreements with various agencies as well as federal, state, and local governments. The New Jersey Economic Development Authority would issue any bonds or notes needed to transform the military base to a mixed-use site for residential and business development, the bill’s sponsor, Sen. Ray Lesniak, D-Union, said in an e-mail.
If approved, the new agency would designate an area at the fort as a special improvement district, create one or more infrastructure districts, and deem the entire site as a transportation planning district. The SID would use special assessment fees on property to help finance capital improvements. The transportation district would include development fees to fund projects.
The measure would also create a Monmouth economic revitalization office in the EDA to assist the new authority.
The fort encompasses Tinton Falls, Eatontown, and Oceanport in Monmouth County.